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The Rate Is In The Budget (1/17/14)

Recently I received an email from somebody asking about the assigned value of $1.16 for the IQD in the 2014 budget, the assumption being that an RV from $.000857 to $1.16 must take place before the budget is implemented. My response to them was that these “the RV is in the budget” rumours surface every year and every year they’re wrong. For some reason the rate shows up as 1.16 (or 1.17 in previous years) but the budget is always in trillions of dinars rather than billions as you would expect if a 100,000% increase in the dinar’s value had occurred. The obvious answer to anybody who isn’t drinking the RV koolaid is that the current rate of 1166 dinar to the dollar is being represented as 1.16. Since it happens that way every year I have to assume that it’s not a typo, but a result of the way numbers are presented in Arab culture. The gurus of course are always eager to pounce on any such opportunity to lead the uninitiated astray.

The budget for 2014 doesn’t contain any historic revaluation of the IQD. The rate in the budget is less than a tenth of a penny, just like it was last year and the year before that and the year before that and the year before that …………………………